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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ (47,765) $ 12,881
Adjustments to reconcile net loss to net cash used in operating activities    
Share-based compensation expense 8,848 6,474
Depreciation and amortization 1,651 1,420
Allowance for doubtful accounts 585 0
Non-cash interest expense 14,143 2,266
Equity in losses of equity method investees 8 606
Digital tokens received as payment for services 0 (40,700)
Gain on disposal of subsidiaries 0 (1,057)
Loss on remeasurement of DBOT investment 0 3,179
Conversion expense 2,266 0
Impairment loss 4,143 2,299
Impairment of operating lease assets 6,220 0
Settlement of ROU operating lease liabilities (5,706) 0
Change in fair value of contingent consideration, net (2,900) 0
Change in assets and liabilities:    
Accounts receivable (2,496) (2,814)
Prepaid expenses and other assets (689) 2,447
Accounts payable 1,358 1,024
Deferred revenue 701 150
Amount due to related parties 1,542 (104)
Accrued expenses, salary and other current liabilities (3,827) 3,217
Net cash used in operating activities (21,918) (8,712)
Cash flows from investing activities:    
Acquisition of property and equipment (45) (1,809)
Proceeds from note receivable repayment 1,469 0
Proceeds from disposal of subsidiaries 0 694
Acquisition of subsidiaries, net of cash acquired 0 247
Payments for long-term investments 0 (870)
Notes receivable (1,910) 0
Net cash used in investing activities (486) (1,738)
Cash flows from financing activities:    
Proceeds from issuance of convertible notes 2,000 4,802
Proceeds from exercise of warrants and issuance of common stocks 39,128 2,500
Proceeds from noncontrolling interest shareholder 7,148 0
Borrowings from Small Business Association Paycheck Protection Program 460 0
Proceeds from/(Repayment of) amounts due to related parties (2,999) 1,765
Net cash provided by financing activities 45,737 9,067
Effect of exchange rate changes on cash 1,639 (37)
Net increase (decrease) in cash and cash equivalents 24,972 (1,420)
Cash and cash equivalents at the beginning of the period 2,633 3,106
Cash and cash equivalents at the end of the period 27,605 1,686
Supplemental disclosure of cash flow information:    
Cash paid for income tax 0 0
Cash paid for interest 311 0
Noncash Investing and Financing    
Issuance of shares for acquisition of DBOT 8,074 0
Issuance of shares for convertible notes conversion 20,069 0
Tree Technologies measurement period adjustment on goodwill, non-controlling interest and intangible assets 12,848 0
Disposal of assets in exchange for GTB tokens 0 20,219
Issuance of shares for acquisition of intangible assets $ 0 $ 10,005